Sensex jumps 461 pts, VIX climbs 5.85%, pharma shares advance

The key equity barometers traded with modest gains in early afternoon trade. The Nifty traded a tad above the 19,800 level. Pharma shares extended gains for the second consecutive trading session.

At 12:40 IST, the barometer index, the S&P BSE Sensex, was up 460.88 points or 0.70% to 66,136.81. The Nifty 50 index added 128.75 points or 0.65% to 19,804.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.41% while the S&P BSE Small-Cap index gained 0.67%.

The market breadth was strong. On the BSE, 2,321 shares rose and 1,309 shares fell. A total of 158 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, surged 5.85% to 11.79. The Nifty 30 November 2023 futures were trading at 19,864.65, at a premium of 60.45 points as compared with the spot at 19,804.20.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 33.5 lakh contracts at the 20,000 strike price. Maximum Put OI of 42 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Pharma index advanced 0.82% to 15,643.15. The index added 0.94% in two trading sessions.

Glaxosmithkline Pharmaceuticals (up 3%), Glenmark Pharmaceuticals (up 2.72%), Natco Pharma (up 2.35%), Pfizer (up 1.71%), Lupin (up 1.55%), Abbott India (up 1.22%), Zydus Lifesciences (up 1.18%), Dr Reddys Laboratories (up 1.18%), Ipca Laboratories (up 0.82%) and Sun Pharmaceuticals Industries (up 0.69%) edged higher.

On the other hand, Sanofi India (down 0.78%), Torrent Pharmaceuticals (down 0.55%) and Laurus Labs (down 0.04%) declined.

Stocks in Spotlight :

Paisalo Digital shed 0.42%. The company said that its operations and finance committee of board of directors has allotted 1,000 non-convertible debentures (NCDs) on private placement. The tenure of the instrument is 36 months from the date of allotment. The interest rate offered for the NCDs is 9.95% per annum. The said NCDs will mature on 16 November 2026.

Gensol Engineering added 0.36%. The company on Thursday announced that it has emerged as lowest bidder for NHPC�s landmark green hydrogen mobility station EPC project in Kargil, Ladakh.

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